President-elect Donald Trump’s rumored frontrunner for the SEC chair position, Paul Atkins, is reportedly reluctant to take on the role due to the daunting challenge of managing the agency’s current state, CoinDesk reported on Dec. 3, citing sources familiar with Atkins’ thinking.
According to the report, Atkins views the position as unattractive, given the considerable effort required to turn around what he believes to be a mismanaged agency under the leadership of outgoing SEC Chair Gary Gensler.
The Trump team interviewed Atkins last week and some rumors this week claim he will be the next SEC chair. However, subsequent reports of his hesitation leave the question of whether he will accept up in the air for now.
Atkins, who served as an SEC commissioner from 2002 to 2008, has yet to confirm his willingness to take the role publicly. Sources familiar with the matter have indicated that his decision hinges on multiple factors, including the future of his consulting firm, Patomak Global Partners.
If Atkins accepts the SEC chair role, he would need to step down from his business interests. The source suggested that Atkins may only do so once his firm is positioned to operate independently.
Former Commodity Futures Trading Commission (CFTC) Chair Chris Giancarlo is a vocal supporter of Atkins for the role. Giancarlo has argued that Atkins is the right candidate to restore the SEC’s credibility and efficiency.
Giancarlo, who was also considered for the SEC chair role, has been outspoken about the need for reform within the SEC, particularly in how the agency handles issues related to digital assets and crypto markets.
However, if Atkins’ conditions are not met, Trump may consider others for the SEC chair role, including current SEC Commissioner Mark Uyeda, former CFTC Chair Heath Tarbert, and Robert Stebbins, a partner at law firm Willkie Farr & Gallagher LLP.